Corporations Regulations 2001
This regulation applies if: (a) a company proposes to make a restructuring plan; and (b) a person notifies the company ' s restructuring practitioner under subregulation 5.3B.22(2) that the person disagrees with the schedule of debts and claims included with the company ' s restructuring proposal statement; and (c) the restructuring practitioner:
(i) refuses to consider the disagreement under subregulation 5.3B.22(5) ; or
(ii) makes, or refuses to make, a recommendation under subregulation 5.3B.22(7) to vary the schedule of debts and claims.
5.3B.60(2)
The Court may, on the application of the company or a creditor of the company, make one or more of the following orders: (a) that the restructuring practitioner consider the disagreement and make a recommendation in accordance with subregulation 5.3B.22(7) ; (b) that the schedule of debts and claims be varied as set out in the order; (c) that the acceptance period for the proposal to make the restructuring plan be extended.
5.3B.60(3)
If the Court makes an order under subregulation (2), the restructuring practitioner must, within 2 business days after the day on which the order is made: (a) lodge with ASIC notice in the prescribed form (if any):
(i) setting out the terms of the order; and
(b) give a copy of the notice to as many of the company ' s creditors as reasonably practicable.
(ii) outlining the creditors ' rights under regulation 5.3B.23 ; and
Note: Failure to comply with this subregulation is an offence: see subsection 1311(1) of the Act.
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